Advance Journal of Management, Accounting and Finance Adv. J. Man. Acc. Fin Volume: 7; Issue: 08, August, 2022 ISSN: 2364 – 4219 Impact Factor: 6.564 Advance Scholars Publication Published by International Institute of Advance Scholars Development https://aspjournals.org/ajmaf/ GARAYEV, B., & AFŞAR, A. 17 ECONOMETRIC ANALYSIS OF THE RELATIONSHIP BETWEEN BITCOIN AND MACROECONOMIC VARIABLES 一 Ph.D. candidate Bakhtiyar GARAYEV Anadolu University, Institute of Social Sciences, Finance, bakhtiyar.garayev@gmail.com, ORCID ID: 0000-0002-5789-6368 Prof. Dr. Aslı AFŞAR Anadolu University, Eskisehir Vocational School, aafsar@anadolu.edu.tr, ORCID: 0000-0001- 7031-1419 Keywords: Cryptocurrency, Econometric Analysis, Macroeconomic Variables ABSTRACT: The development of technology has made changes in daily life and pay systems mandatory. In 2008, crypto money was launched as a new currency. There is an increasing interest in this currency, which is not controlled by any central authority, has no physical features compared to traditional currencies, and offers paying facilities without experiencing time constraints. In the study, using monthly data between 31.08.2010 and 28.02.2021, the relationship between Bitcoin and Brent marked oil prices, gold and S&P 500 macroeconomic indicators was examined. In order to determine the current influence of these parameters on Bitcoin, impulse-response and Variance decomposition based on the VAR model were applied. In addition to these analyses, Johansen Cointegration and Granger Causality analysis were applied. According to the consequences of the analysis, a long-term Johansen Cointegration relationship was found between the variables, but no relationship was found in the short-term. 一 This research was derived from the master’s thesis titled “Econometric analysis of the relationship between macroeconomic variables and cryptocurrency: implementation of Bitcoin”